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These statements are based on our current expectations and beliefs and involve a number of risks, uncertainties and assumptions that are difficult to predict. In addition, these statements include the impact of economic and market conditions on us and our clients, the effects of our cost-saving actions, including on an annualized basis, and the steps to optimize returns to shareholders on an ef…
Operating margin is thin at 0.63%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 0.9% YoY. Margins deteriorated 5.0pp alongside, both lines moving the wrong way.
ROIC dropped from 2.45% to 0.33%, capital efficiency is deteriorating. Net debt of $2.44B represents 4.7x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$4.03B
▼ -0.9% YoY
Net Income (TTM)
-$185M
▼ -750.1% YoY
Op. Margin
1.75%
▼ -5.0pp YoY
ROIC
0.88%
▼ -2.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$391M
▲ +3.4% YoY
Op. Cash Flow (TTM)
$607M
▲ +0.4% YoY
Net Debt
$2.88B
Cash & Equiv.
$192M
5Y CAGR: +6.5%
5Y CAGR: +6.4%
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